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Uganda to launch next oil exploration bidding licence round next May


08 Nov 2018

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Uganda, which is developing oil deposits but has yet to begin production, will launch its next bidding round for oil exploration licences in May next year, a government official said.

Uganda discovered 6.5 billion barrels worth of hydrocarbon deposits 12 years ago in the Albertine rift basin near its border with the Democratic Republic of Congo but production has been repeatedly delayed by disagreements with oil companies over field development strategy and tax disputes.

'We will have a road show first and then we will start the bidding round in May next year,' Ernest Rubondo, executive director of the Petroleum Authority of Uganda, told Reuters on the sidelines of the Africa Oil Week conference.

Total and China’s CNOOC are aiming to begin production in Uganda but both have said they will not be able to do so before 2021, missing a government target of 2020.

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Source: Reuters





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